Navigating Divorce with Special Needs Planning: Financial and Emotional Strategies with Michael Ringel
Jamie M. Lima and Michael Ringel explore the complexities of financial planning for families with special needs during divorce. They discuss structuring child support while considering government benefits and delve into special needs trusts and life insurance considerations. The importance of maintaining life insurance post-divorce is highlighted, alongside the benefits of ABLE accounts. Transition assistance and keeping the child's focus post-divorce are emphasized. The episode also examines the behavioral impacts of divorce on families with disabilities and the role of disability policies.
Key Points
- Planning for two lifetimes is crucial for families with special needs, as it ensures financial security for both the parents and the child throughout their lifetimes. Structuring child support payments into a special needs trust can help preserve government benefits like SSI and Medicaid for the child with special needs. It's essential to coordinate estate planning with an ex-spouse to avoid disqualifying the child from receiving government benefits and to ensure their long-term financial stability.
Visit Michael Ringel's website to explore more of his work.
We’re joined by Michael Ringel, a financial professional with Strategies for Wealth, who brings deep expertise in planning for families with special needs. With a strong focus on protecting long-term financial security, Michael helps families make thoughtful, coordinated decisions—especially during and after divorce.
Today, we’ll discuss what divorcing parents need to know when they have a child with special needs, including how to plan for two lifetimes, structure child support to preserve government benefits, and coordinate estate planning with an ex.
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Transcript
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